The founders of Superdry have launched a long-term incentive scheme which will see them share their wealth with all 4500 colleagues in the business worldwide.
The initiative is part of a strategy to attract, retain and reward the best staff at the British fashion retailer, and will run from October 1 this year to September 30, 2020.
At the conclusion of the scheme, founders Julian Dunkerton and James Holder will transfer into a fund 20 per cent of their gain from any increase in the retailer’s share price over a threshold of £18.
The proceeds from this fund will then be shared between Superdry’s colleague base worldwide.
Each £5 increase in the share price over the £18 threshold would see the founders putting £30 million into the fund for all colleagues, including those who work part-time.
Superdry’s chief executive Euan Sutherland and chief financial officer Nick Wharton participate in existing long-term incentive arrangements and have waived their entitlement to take part in the scheme, to ensure it can cover everyone in retailer’s stores and head office.
Under the plan, for each £5 share increase over the £18 threshold, full-time store colleagues and those in the most junior roles in head office would be awarded up to £2000 at the end of the three-year plan period.
The equivalent figure for store managers would be £28,000, for senior leaders up to £75,000. and for executive team members it would start at £300,000.
Superdry said all awards would be over and above existing pay and bonus arrangements.
“James and I passionately believe that the success of the Superdry brand is down to the combined work of all our people,” Dunkerton said.
“As the founders of the business we remain significant investors and it is important to us that we share our on-going success with all colleagues.
“This is the right way to ensure that our great team is properly rewarded for all the work they are doing to grow our global lifestyle brand.”
Sutherland added: “We remain confident in our strategy and believe that this innovative approach to reward for everyone will help us attract and retain the very best talent as we continue to deliver for consumers and create sustainable value for our investors.”
The scheme was launched yesterday at the annual general meeting of SuperGroup, the parent company of Superdry.